Cohen & Steers Inc. grew its position in AvalonBay Communities Inc (NYSE:AVB) by 20.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,752 shares of the real estate investment trust’s stock after buying an additional 1,143 shares during the quarter. Cohen & Steers Inc.’s holdings in AvalonBay Communities were worth $1,175,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Geode Capital Management LLC grew its stake in AvalonBay Communities by 9.1% during the 4th quarter. Geode Capital Management LLC now owns 2,297,292 shares of the real estate investment trust’s stock worth $399,297,000 after purchasing an additional 191,867 shares in the last quarter. Kinneret Advisory LLC acquired a new position in AvalonBay Communities during the 4th quarter worth $590,000. California State Teachers Retirement System grew its stake in AvalonBay Communities by 4.6% during the 4th quarter. California State Teachers Retirement System now owns 255,666 shares of the real estate investment trust’s stock worth $44,499,000 after purchasing an additional 11,312 shares in the last quarter. Brown Advisory Securities LLC grew its stake in AvalonBay Communities by 1.6% during the 4th quarter. Brown Advisory Securities LLC now owns 3,323 shares of the real estate investment trust’s stock worth $563,000 after purchasing an additional 53 shares in the last quarter. Finally, Natixis Advisors L.P. grew its stake in AvalonBay Communities by 2.3% during the 4th quarter. Natixis Advisors L.P. now owns 75,732 shares of the real estate investment trust’s stock worth $13,181,000 after purchasing an additional 1,707 shares in the last quarter. 92.37% of the stock is owned by institutional investors and hedge funds.
AvalonBay Communities stock opened at $198.97 on Friday. AvalonBay Communities Inc has a fifty-two week low of $156.40 and a fifty-two week high of $200.40. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 0.66. The stock has a market capitalization of $27.56 billion, a PE ratio of 22.11, a PEG ratio of 3.80 and a beta of 0.60.
AvalonBay Communities (NYSE:AVB) last posted its earnings results on Monday, February 4th. The real estate investment trust reported $2.31 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.32 by ($0.01). AvalonBay Communities had a net margin of 42.66% and a return on equity of 9.33%. The firm had revenue of $578.52 million during the quarter, compared to analysts’ expectations of $576.56 million. During the same period in the previous year, the firm posted $1.72 earnings per share. The firm’s revenue for the quarter was up 4.2% on a year-over-year basis. On average, equities research analysts expect that AvalonBay Communities Inc will post 9.32 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, April 15th. Stockholders of record on Friday, March 29th will be issued a $1.52 dividend. This is an increase from AvalonBay Communities’s previous quarterly dividend of $1.47. This represents a $6.08 annualized dividend and a dividend yield of 3.06%. The ex-dividend date of this dividend is Thursday, March 28th. AvalonBay Communities’s payout ratio is presently 65.33%.
Several research analysts have recently issued reports on AVB shares. SunTrust Banks upped their price objective on AvalonBay Communities to $208.00 and gave the stock an “average” rating in a research report on Thursday, February 14th. BTIG Research raised AvalonBay Communities from a “neutral” rating to a “buy” rating and set a $216.00 price objective for the company in a research report on Thursday, December 6th. Argus upped their price objective on AvalonBay Communities from $196.00 to $205.00 and gave the stock a “buy” rating in a research report on Wednesday, November 21st. ValuEngine raised AvalonBay Communities from a “hold” rating to a “buy” rating in a research report on Wednesday, November 21st. Finally, Zacks Investment Research raised AvalonBay Communities from a “hold” rating to a “buy” rating and set a $200.00 price objective for the company in a research report on Tuesday, January 15th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and seven have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $197.33.
In other news, insider William M. Mclaughlin sold 2,500 shares of the business’s stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $199.76, for a total value of $499,400.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Edward M. Schulman sold 4,092 shares of the business’s stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $198.94, for a total value of $814,062.48. The disclosure for this sale can be found here. Insiders sold a total of 92,837 shares of company stock valued at $18,248,863 over the last three months. Company insiders own 0.43% of the company’s stock.
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About AvalonBay Communities
As of December 31, 2018, the Company owned or held a direct or indirect ownership interest in 291 apartment communities containing 85,158 apartment homes in 12 states and the District of Columbia, of which 21 communities were under development and nine communities were under redevelopment. The Company is an equity REIT in the business of developing, redeveloping, acquiring and managing apartment communities in leading metropolitan areas primarily in New England, the New York/New Jersey Metro area, the Mid-Atlantic, the Pacific Northwest, and the Northern and Southern California regions of the United States.
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